The Gold Mine of Big Data Analytics
Big data technology may hold the keys to business success. The amount of data exchanged throughout the world each day increases exponentially each year. Not so long ago, large data storage was described in megabytes, but now Zettabytes and Yottabytes (thought by some as named for the Jedi Master Yoda) describe the volumes of information now available.
Understanding the sheer volume of data now available to anyone is a matter of perspective. One byte (or eight bits) is a single character; 10 bytes make up a word. Megabytes, gigabytes, and terabyte follow.[1] For some, the sheer mass of data exchanged every day is inconceivable, while others are quite comfortable with the magnitude of data exchanged regularly. Regardless of levels of comfort or discomfort in contemplating big data, all businesses should consider this: all that information may be the best way of achieving success. However, big data is so massive that managing it requires more than just conventional methods for handling data.[2] The essence of big data is its inherent unmanageability – conventional data management tools just do not work with big data.
Big Data Analytics and Business Intelligence
Imagine a huge dump of information, billions upon billions of bytes and bits, gathered and stored for some future use. That dump of data is the heart of business intelligence, sometimes called BI. Data analysis enables businesses to access and exploit BI by filtering through huge amounts of information, looking for patterns and trends revealing potentially profitable business paths and plans. Finding and identifying the requisite data is the purpose of data analytics, making it possible for businesses to take out the information and put it to use.[3]
Nonetheless, all the data in the world is useless without the tools and knowledge to interpret and use it. Having the requisite ability and experience to wrangle big data provides the potential for impressive increases in ROI, lower labor costs, better productivity, and higher revenue.[4] Achieving such stellar results through big data analytics requires a high-level ability to identify types of useful data. Additionally, it requires a working knowledge of not only the best methods for obtaining and accessing data, but also how to refine big data, transforming it into usable information, enabling “…businesses to pull data from every part of the organization and turn it into actionable intelligence.”[5]
Making Big Data Technology Work for a Business
Once the realization of the power of big data occurs, businesses need to understand that fully exploiting big data’s potential requires specific steps and actions. Ascertaining the type, quantity, and quality of information most likely to improve profitability and productivity ranks highly. Figuring out what data has the potential to help a business, and then devising a means for extracting it often requires a deft touch. Done correctly, big data analytics may lead a company to greater success.
Several important considerations exist for anyone designing big data analytics programs. One example is evaluating the different areas and individuals within the business who will be obtaining and/or using it. Big data analytics must be well suited to all users in an organization. Finding the right talent to provide such services sometimes proves difficult as so many companies are now realizing the value of big data. Larger providers of data analytic services offer some advantages. However, smaller outfits better address some businesses’ unique individual needs, and are better able to customize analytics for a business.[6] Beyond that, having a consistent, business-wide approach to implementing the business intelligence gathered from big data matters.
From organizing data to recognizing security requirements, constant communication, and a commitment to meet the needs of the business is paramount. Recognizing which practices best suit the needs of a business in terms of how to refine big data for them, from budget, to timetable, to scope, is imperative. The right provider helps a business improve its future by not only providing expertise, but by also recognizing all that big data analytics encompasses.
